World Bank forecasts strong growth for Cambodia’s economy in 2018
Cambodia’s economic growth is expected to reach about 6.9 percent this year, according to a report recently released by the World Bank (WB).
Cambodia’s economic growth is expected to reach about 6.9 percent this year. (Source: Angkor Focus Travel)Phnom Penh (VNA) – Cambodia’s economic growth is expected to reach about 6.9 percent this year, according to a report recently released by the World Bank (WB).
The growth is buoyed by rising Government spending and favourable global conditions, the report said.
In the medium term, large flows of foreign and public investment in infrastructure are expected to help promote output by boosting aggregate demand and expanding the productive capacity of the economy, it noted.
Downside risks to the outlook include threats associated with a prolonged construction boom, potential uncertainty related to the July general elections, and declining external competitiveness, it said.
The country’s economy is traditionally driven by garment exports, tourism, construction, real estate, and agriculture.
China is the largest sources of foreign direct investment (FDI). In 2017, Cambodia attracted 1.43 billion USD in FDI from China, or 27 percent of the total FDI in the country last year.
In the first quarter of this year, Cambodia exported a total of 39,000 tonnes of rubber latex, a slight increase compared to the same period last year, according to a report of the Ministry of Agriculture, Forestry, and Fisheries.
The export generated more than 57 million USD as income to the country, the ministry said.
Cambodian rubber latex was exported mainly to Vietnam, Malaysia, Singapore and China with an average price of more than 1,400 per tonnes.-VNA
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